Nestlé forms Peranel beverage joint venture
Nestlé and Platinum Equity will establish Peranel, a dedicated global water and premium beverages company spanning more than 30 brands sold across 120 countries.
FRANCE – Nestlé and Platinum Equity have announced plans to establish Peranel, a 50:50 joint venture that will combine Nestlé’s waters and premium beverages business into a standalone company focused on accelerating growth in the global hydration market.
The new company will manage a portfolio of more than 30 brands sold across 120 countries, including internationally recognised natural mineral water brands S.Pellegrino, Perrier and Acqua Panna, alongside premium and functional hydration beverages, the global Nestlé Pure Life brand and several leading local water brands.
As an independent business dedicated exclusively to waters and premium beverages, Peranel will have greater flexibility to invest in brand development and pursue new growth opportunities.
The company will also retain an in-house research and development team that has supported approximately 120 product launches since 2022 and developed a strong innovation pipeline.
The transaction remains subject to employee consultation processes and regulatory approvals and is expected to close during the first half of 2027.
The agreement assigns an enterprise value of €4.9 billion (CHF4.5 billion) to Peranel, with Nestlé expected to receive approximately €3.0 billion (CHF2.8 billion) in cash proceeds upon completion.
Commenting on the partnership, Nestlé CEO Philipp Navratil said: “By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility. Through additional focus, it will be well equipped to drive its long-term growth ambitions by strengthening this unique portfolio of international and local brands, with continued investments in innovation, premiumization, operational excellence and sustainability.”
Platinum Equity, which manages approximately US$48 billion in assets, said its expertise in corporate carve-outs and business transformation would support the new venture’s long-term development.
“We are excited to partner with Nestlé and take this next step together,” said Platinum Equity Co-President Louis Samson. “Combined with Nestlé’s and Peranel’s world-class product development, execution and marketing capabilities, our joint venture creates a powerful partnership and a very strong team.”
Platinum Equity Managing Director Igor Chacartegui added: “Peranel represents a remarkable collection of iconic brands that consumers know and trust around the world. We look forward to working alongside Nestlé, Muriel and her team to expand Peranel’s reach and support its continued organic growth.”
Headquartered in Paris, Peranel will be led by Muriel Lienau, the current CEO of Nestlé’s waters and premium beverages business.
The announcement follows solid financial performance for the division. During the first half of 2026, Nestlé’s waters and premium beverages business recorded organic sales growth of 5.1% to CHF1.78 billion (US$2.21 billion).
Real Internal Growth (RIG), which measures volume growth excluding pricing effects, increased 1.6%, while pricing contributed 3.5%.
In the second quarter alone, the business generated CHF1.02 billion in sales, delivering organic growth of 6.6% and Real Internal Growth of 2.2%, reflecting continued momentum across its premium hydration portfolio.
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